SINGAPORE: Engineering group Starburst Holdings has launched its initial public offering (IPO) for a listing on the Catalist board in the Singapore Exchange (SGX).
The company plans to raise S$15.5 million in gross proceeds by offering 50 million shares at 31 cents each.
This comprise two million shares for the public and the remaining 48 million units offered on placement basis.
Starburst specialises in the design and engineering of firearms-training facilities used mainly by law enforcement, military and security agencies in Southeast Asia and the Middle East.
The company says it plans to use the net proceeds of about S$13.5 million to acquire leasehold land and buildings, purchase of plant and machinery and for general working capital.
As at June 9, the company has secured contracts which would translate into revenues of approximately S$45.8 million.
Starburst is expected to make its trading debut next Thursday (July 10). - CNA/ly
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